Market Competitive Pay - It's all in the mind! Bluntly put, an employee who believes that his performance would get him a better pay package in any other company other than his current one.
Ask this questions to someone "Do you think your pay package reflects your performance and the majority of the answers wud be a dissatisfied 'no' ". Job satisfaction and job insecurity have led to this concept of a market competitve pay.
One really cannot compare apples to oranges.It's a general or rather vague topic. Organizations have become pretty smart in realizing this and have come with various compensation benfits like health care, shares,etc, the mantra is to reward the employee for his contribution to the organization.
Who defines the market competitive pay? It's all in the mind. I for one have never believed that just because another organization was willing to offer me 10 or a 20k extra is a reason for me to be dissatisfied with my current organization.
Yes, you go on a recruitment drive and one see's all the "10% extra" demands as compared to market competition. I'm no HR, but I strongly feel there is no "market competitive pay". It could apply to fresh graduates
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